Word: estateman
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...head of Webb & Knapp, Inc., whose interests have spanned from Los Angeles' Century City to Manhattan hotels, rotund William Zeckendorf is known as a spectacular real estateman. His losses have also been spectacular. In 1962, Webb & Knapp dropped $19.6 million. Last week, filing an annual statement that had been delayed so that accountants could untangle Zeckendorf's web of multiple mortgages, the company reported a disastrous 1963 loss of $32.3 million...
...banks and lending institutions have increasingly passed up FHA-backed loans to get the higher interest rates on unguaranteed mortgages. This has made it harder for many would-be buyers who were not top credit risks to get mortgages. Milwaukee Real Estate Lawyer Max H. Karl, 47, and Real Estateman S. W. Kallas, who founded Mortgage Guaranty last April, thought that a private firm could fill the gap. Friends, relatives and clients put up $250,000, and Karl sold $500,000 in stock. Mortgage Guaranty soon signed up to guarantee mortgages for 30 savings and loan associations in the Milwaukee...
HUGE FARM AREA will be created along Colorado River in southwestern Arizona, where Real Estateman Stanley W. Barton made deal with Interior Department to transform 67,000 parched acres of Indian reservation into desert garden. In history's biggest lease of Indian lands for agricultural development, Barton will spend about $28 million to complete an irrigating system, also develop industrial and residential sites. Reservation's 1,400 Indians will get jobs, and much improved land will revert to them in 20 to 25 years...
EBBETS FIELD, longtime home of Brooklyn Dodgers Baseball Club, will be turned into $25 million housing development. For an estimated $2,000,000, Dodgers have sold Ebbets Field to Manhattan Real-Estateman Marvin Kratter, associated with Financier Hanns Ditisheim who took over Chicago's Butler Bros, retail-store chain eight months ago (TIME, March 5). Kratter will lease the field to team until 1961, when he starts work on housing project...
CAPITAL TRANSIT CO., Washington's oft-troubled transportation system, which Financier Louis Wolfson milked of millions (TIME, June 25), will finally be sold. For $13.5 million, syndicate headed by Manhattan Real Estateman O. Roy Chalk has agreed to buy bus and streetcar line, is expected to take over next month when current franchise runs out. Originally, Chicago's National City Lines planned to buy, but later withdrew...
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